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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)

9 Months Ended

Sep. 30, 2025

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following:

						September 30, 2025						December 31, 2024
Case reserves						$	236,724					$	230,633
IBNR						701,584						630,336
Total						$	938,308					$	860,969

Reserve Roll-forward

The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business:

Consolidated						Nine months ended September 30
						2025						2024
Gross balance at January 1						$	860,969					$	661,554
Less: Losses recoverable						(85,790)						(25,687)
Net balance at January 1						775,179						635,867
Incurred losses related to:
Current year						303,474						305,467
Prior years						8,082						(943)
Total incurred						311,556						304,524
Paid losses related to:
Current year						(35,136)						(27,382)
Prior years						(229,908)						(176,210)
Total paid						(265,043)						(203,592)
Foreign exchange and translation adjustment						33,833						8,405
Net balance at September 30						855,525						745,205
Add: Losses recoverable (see Note 8)						82,783						65,947
Gross balance at September 30						$	938,308					$	811,152

Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense

The following table presents net prior year reserve development by segment and consolidated for the respective periods.

						Favorable (Adverse)
						Open Market						Innovations						Total Segments						Corporate						Total Consolidated
Nine months ended September 30, 2025						$	(4,810)					$	(1,316)					$	(6,126)					$	(1,956)					$	(8,082)
Nine months ended September 30, 2024						$	3,782					$	1,548					$	5,330					$	(4,387)					$	943

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- References

No definition available.

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- Definition

Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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